1851 $50 LE Humbert Fifty Dollar, 887 Thous. 50 Rev. AU55
PCGS. Lettered Edge, K-4, High R.5. While there are examples
available of these historic octagonal "slugs" for a price, it is
seldom that we have the privilege to offer so fine a specimen in
problem-free Choice AU condition. PCGS has certified only five
coins as such, with five examples finer--three in AU58, one each in
MS61 and MS62 (6/09).
The 1851-52 octagonal fifty dollar gold pieces of Augustus Humbert
and the U.S. Assay Office of Gold were known by various names, some
obviously descriptive, some of unknown derivation. "Adobes,"
"quints [short for 'quintuple eagle']," "ingots," and "slugs" all
served as monikers for these impressive gold coins during their
heyday. Probably the most significant among those names is "ingot,"
for in their time they were considered exactly that--not so much a
coin as a preassayed and -weighed quantity of gold at a given
fineness and with a recognizable design. It is noteworthy that the
dies of the first design (K-1) for the 1851 Lettered Edge Humbert
fifty dollar had blanks beside the D and C for dollars and cents,
as well as the fineness, so that those modular dies could be
completed with varying finenesses and dollar-cent amounts as
needed. The design is only one step removed from "ingots" in the
usual sense of the word.
Although they were for a time virtually the only domestically
produced gold coins in circulation in California, that very
circulation sometimes proved problematic: When they were dropped,
which they frequently were, their odd shape meant that they were
apt to incur bumps or dings on their eight-cornered edges, which if
severe enough could prevent their certification by NGC or PCGS.
This AU55 example has no such corner bumps. The striking details
are remarkably strong for this design type. The rich orange-gold
surfaces show a faint trace of reddish patina around the devices.
Listed on page 364 of the 2010 Guide Book. (PCGS# 10208)